MOODENG Price Eyes Recovery After 71% Correction — What’s Next?

Key Takeaways

• MOODENG surged 2,347% to $0.35 before correcting.
• The price recovery is likely, with resistance at $0.25.
• Falling below $0.125 may signal further downward correction.

MOODENG has experienced significant volatility since its bull phase began in September. Following a remarkable rise to an all-time high, the price underwent substantial corrections.

Recent patterns indicate potential recovery, although caution is advised as the market dynamics evolve.

MOODENG Price Analysis 

The price of MOODENG initiated its bull phase on Sept. 20 at a low of $0.014. It then increased 2,347% to an all-time high of $0.35 on 28.

Since then, we have seen a downturn, leading to a significant price correction of 71% to a low of $0.10 on Oct. 7. 

A descending triangle was formed, ending close to the 0.786 Fibonacci retracement level.

A recovery started, leading to a breakout above the descending resistance and onto a high of $0.17 on Oct. 8.

However, another downturn followed, bringing the price down by 30%. This is still a higher low of $0.125 than on Oct. 8, but the bullish momentum lost a significant part of its strength.

Despite the diminishing momentum, there is still a high probability that MOODENG started a new bull phase and will now proceed by moving higher. 

Today, we saw a 10% increase from its lowest point to a daily high of nearly $0.14, which could be an early sign of a starting uptrend recovery. 

MOODENG Price Prediction  

Zooming into the hourly chart, we see a five-wave pattern develop from its Oct. 7 low to its Oct. 8 high, followed by a three-wave move to the downside.

This could be an ABC correction, especially since it landed at the 0.618 Fibonacci level, which is a typical stopping point for these corrective moves. 

The price consolidation occurred with a slight increase. If the price stays above this area and proceeds to move higher, we can expect a strong uptrend leading to a higher high of $0.25 at the 1.618 Fib extension. 

But if the price goes below $0.125, the likelihood of it falling below $0.10 will increase.

In this case it will likely mean MOODENG still has to finish its corrective stage before it can commence a new bullish phase. 

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